That is the high from Monday, and was resistance in the overnight Globex session. If the bulls can bust through that level, there will be open field running and bulls will try to squeeze the bears for all its worth. If there is a slight selloff at the open, I will be bidding out there. The late bears are set to be squeezed ahead of 2:15 EST as usual. After the announcement, all bets are off, and we probably sell off. The trend is still down in the short term and we are working off the oversold readings.
The economic data to pay attention to before the FOMC is the ADP jobs number coming out at 8:15 AM.
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7 comments:
Market Owl???
Sold the other half of ABK at 1.49 dawg. I wish I held 100% of it. I didn't expect them to turn positive
Hey there is a marketowl.com and a marketowl on twitter. '
I don't think your blog shows up when you type in market owl in google.
Market cynic did though. Maybe it will later.
Changed the name because Market Cynic sounded like I only played the short side and was a total bear.
But I play both long and short,just lean more short than long.
There were other names that I wanted for my blog but they were all taken, so I picked this one. Now I just did a google search and there is a marketowl.com, that does market commentary. LOL. Oh well...
You should have picked Market Dawg.
Anyways, I sold BBX @ 1.68
Are you short right now?
What if mkt goes up at 2:15?
One thing for certain, the mkt goes up 1% without fail on FED day.
I'm not short yet but thinking about getting short if it goes up a bit more before the announcement. I will be very surprised if the market goes up at 2:15. If that happens and I'm short, I would short more.
I should have sold CPF above 1.20.
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